QJIANG(SZ:000913) GUOTAI HAITONG SECURITIES·2026-01-20 11:45Investment Rating - The report initiates coverage with a rating of "Buy" for Qianjiang Motorcycle [5][12] Core Insights - The motorcycle industry is transitioning towards high-quality development, with increasing industry concentration. Qianjiang Motorcycle is enhancing its brand matrix and accelerating its international expansion [2][22] - The company holds the leading market share in large-displacement motorcycles, with a comprehensive brand portfolio including Benelli, QJMOTOR, and Qianjiang, covering engine displacements from 50cc to 1200cc [12][22] - The company is expected to achieve significant revenue growth, with projected total revenue of CNY 6.03 billion in 2024, representing an 18.3% year-over-year increase [4][22] Financial Summary - Total revenue projections for Qianjiang Motorcycle are as follows: - 2023: CNY 5.098 billion - 2024: CNY 6.031 billion - 2025: CNY 5.478 billion - 2026: CNY 6.300 billion - 2027: CNY 7.243 billion - Net profit (attributable to the parent company) is projected to be: - 2023: CNY 464 million - 2024: CNY 677 million - 2025: CNY 505 million - 2026: CNY 562 million - 2027: CNY 650 million [4][12] - Earnings per share (EPS) estimates are: - 2023: CNY 0.88 - 2024: CNY 1.29 - 2025: CNY 0.96 - 2026: CNY 1.07 - 2027: CNY 1.23 [4][12] Market Position and Strategy - Qianjiang Motorcycle's domestic sales of fuel motorcycles are projected to remain stable, with a total of 212,000 units sold in 2024, maintaining its leading market share [26][34] - The company is focusing on expanding its international market presence, with overseas revenue expected to reach CNY 2.74 billion in 2024, a 32.5% increase year-over-year [30][34] - The company has established a robust marketing network with nearly 3,000 dealerships domestically and is expanding its international footprint in over 130 countries [12][22] Product Development and Innovation - Qianjiang Motorcycle is committed to high-performance motorcycle technology research and development, with significant investments in R&D, totaling CNY 366.4 million in 2024, which is 6.1% of its revenue [36][39] - The company is actively developing all-terrain vehicles and electric motorcycles, aligning with the trend towards new energy vehicles [12][22]